Business Brokers NJ: Article About Selling A Business Without Surprises
As a business owner, you know that each day brings with it its own surprises. You know that you can carefully plan and prepare for a business transaction, only to have something happen that is out of your control.
The same is true when you go to sell your business. You and your business brokers NJ may have been working with a qualified buyer for weeks or months. You may believe that the buyer is a good fit and that you have reached a mutually agreeable contract for the purchase and sale of your business. Then, one day you receive a call from the buyer, or the buyer's representative, indicating that there is trouble or the buyer changed their mind about any discussions that were made over the previous few weeks. Details that you thought were potentially ironed out, may now seem like they were never discussed and it seems you need to start over with this buyer or a new buyer.
While the buyer's call may come as an unwelcome surprise to you and cause you to become concerned, your broker has likely dealt with a similar situation in the past and may be able to deal with this surprise so that the deal doesn't fall through.
If, for example, the buyer announces that he or she is unable to pay the full purchase price in cash then your business broker may work with the buyer and suggest other financing options. The broker can explain seller financing and traditional business loan options including SBA financing that could save the deal.
Similarly, if the surprise is something that came up during due diligence then your business broker may be able to work through the issue with the potential buyer.
Have a question regarding business sales or business exit planning? Please ask the business brokers from Selby Associates of Cherry Hill NJ today.
Sometimes, issues that come up during due diligence can be rectified by the seller prior to closing and other times it may require a renegotiation of the contract terms. Your broker will advise you of your options and your rights and do his or her best to save the deal.
Even when a buyer seems determined to cancel the deal, your broker may be able to save the sale. In some cases, it just takes some reassurance or some small concessions to save the deal. In other cases, your broker may have to remind the buyer of the buyer's contractual obligations and work hard to get the buyer to complete the sale.
Sometimes it can be a personal reason or a reason that you are not even aware of that had discouraged the buyer. Maybe the buyer's spouse was never on board and the buyer is having doubts. Or suddenly the buyer is concerned about leaving their job and becoming an entrepreneur. Reasons like this are not a reflection on the business for sale and often can be addressed. A good business broker will work with a buyer and their family or whomever they need to make sure any concerns or questions are addressed and a buyer can be completely confident in their decision to purchase your business.
A surprise phone call from the buyer does not have to end the possibility of a successful sale when you are working with a business broker.